Future economics: This is how Big Oil will die

❝ It’s 2025, and 800,000 tons of used high strength steel is coming up for auction.

❝ The steel made up the Keystone XL pipeline, finally completed in 2019, two years after the project launched with great fanfare after approval by the Trump administration. The pipeline was built at a cost of about $7 billion, bringing oil from the Canadian tar sands to the US, with a pit stop in the town of Baker, Montana, to pick up US crude from the Bakken formation. At its peak, it carried over 500,000 barrels a day for processing at refineries in Texas and Louisiana.

Firm grossly underestimated Keystone’s spill risk : TransCanada’s Keystone pipeline has already leaked more than 5,000 barrels of oil in South Dakota. The company originally predicted spills larger than 1,000 barrels of oil would occur no more than once every 100 years. https://www.csmonitor.com/Environment/2017/1127/Keystone-pipeline-leaks-more-than-predicted-in-risk-assessments TransCanada’s spill analysis for Keystone XL, which would cross Montana, South Dakota, and Nebraska, estimates 2.2 leaks per decade with half of those at volumes of 3 barrels or less. It estimated that spills exceeding 1,000 barrels would occur at a rate of once per century.